New flexibility in the Caisse d'Epargne group

New flexibility in the Caisse d'Epargne group. The National Fund for Caisses d'Epargne (CNCE) came in "discussion" weekend last with the developer Nexity to buy him cash 23.4 its interest in Credit Foncier, which he held since June 2007. This operation "will have no impact on the interest held by the CNCE in Nexity and will in no way interfere with the agreements and conditions of the industrial cooperation of the two groups," provides the squirrel, which holds a 39.6 Nexity. The price will be determined later from including the own funds of Credit Foncier, is it simply said. The completion of the transaction is being considered for the beginning of the year.

Already first French promoter in terms of number of dwellings, Nexity hoped a new development through its strategy of rapprochement with Credit Foncier. But the market, less seduced, literally massacred action, whose stock market plunged by more than 75 in one year. A 9 euros action, "Nexity worth less than the price of market participation in Credit Foncier", note bitterly Alain Dinin, founder, CEO and shareholder in 5 of the sponsor. In fact, the capitalization of Nexity was reduced to EUR 480 million, while the assignment of its 23 in Credit Foncier, if it was on the basis of the last capital known establishment (2.2 billion euros at end of December 2007), yield alone more than 500 million euros in cash.

Groundfish strategy unchanged

Therefore, Alain Dinin, who "operation is done by mutual consent", does not hide that he expected a revaluation of its group. "Our synergies with the Caisses d'Epargne and Crédit Foncier to put in place, we no longer need our 23, which constitute a financial interest, he says. The operation will improve our financial capability and our visibility on the market, where it was to hold a bank. "It wasn't until the first quarter and the closure of the annual for how many accounts will affect Nexity.

As to the use of the paid cash, "we we are in a position to take advantage of the opportunities of redemption in a context of declining prices, in service activities, for example, or in the Office", says Alain Dinin. Knowing that, on the other hand, popular banks already have an administrator of assets and agencies, Foncia, which could be compared with Nexity in their merger with Caisses d'Epargne. The cash collected could also create a joint venture with a player such as NIS or Generali, to buy its building programs frozen Nexity, which could then agree to assign to décotés price, since the company would be associated with the capital gain on the subsequent resale

But whatever the reinvestment options selected, according to Alain Dinin, they won't change the substantive policy. "The surrender of our our 23 of the Credit Foncier does not alter the detention of Nexity Group Caisses d'Epargne, says promoter." Its 40 stake is maintained, and the cash that pay us revalorisera his involvement in the same proportion.

For savings, this operation enable both enhance its participation in Nexity, but also in Credit Foncier. Discussions about the merger of the central bodies of the squirrel and the Banques Populaires, planned for next spring, enhancement of each asset that could be made is, in recent weeks, the subject of tough negotiations. But Credit Foncier could be part of this common framework, and not Nexity. With this participation, the National Fund for Caisses d'Epargne guard therefore thus the hand on the valorization of its subsidiary.